Petrochemicals Industry Forecasts - China Focus

China's demand for Petrochemicals will continue to grow at about 7% by 2033

This study focuses on China’s Petrochemicals industry forecasts. In the two past decades, the industry has been growing at a fast pace. The dramatic expansions of the manufacturing capabilities and rising consumer consumption in China have transformed China’s society and economy. China is one of the world’s major producers for industrial and consumer products. Far outpacing other economies in the world, China is the world’s fastest growing market for the consumption of goods and services. The Chinese economy maintains a high speed growth which has been stimulated by the consecutive increases of industrial output, imports & exports, consumer consumption and capital investment for over two decades. Rapid consolidation between medium and large players is anticipated since the Chinese government has been encouraging industry consolidation with an effort to regulate the industry and to improve competitiveness in the world market.

Although China has enjoyed the benefits of an expanding market for production and distribution, the industry is suffering from minimal innovation and investment in R&D and new product development. The sector’s economies of scale have yet to be achieved. Most domestic manufacturers lack the autonomic intellectual property and financial resources to develop their own brand name products.

This study focuses on industry trends and forecasts with historical data (2013, 2018 and 2023) and long-term forecasts through 2028 and 2033 are presented.

The primary and secondary research is done in China in order to access up-to-date government regulations, market information and industry data. Data were collected from the Chinese government publications, Chinese language newspapers and magazines, industry associations, local governments’ industry bureaus, industry publications, and in-house databases.